Foreign Exchange

ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said the services sector could help in controlling Hundi and Hawala, and thereby ensure remittance of foreign exchange through legal channels.
The minister was talking to a delegation of All Pakistan Exchange Association, led by Allauddin Sheikh, that called on him here, according to press statement issued here by the ministry.
He thanked the delegation for its valuable suggestions and assured its members of his full cooperation in…

ISLAMABAD: A spokesman for the Ministry of Finance has clarified that Pakistan's foreign exchange reserves maintain a healthy level, and commercial financing is a normal activity and part of overall financing plan for the current fiscal year.
The spokesman was responding to reports in certain sections of the media that government is taking a $450 million loan to prop up the sliding forex reserves.
"Commercial financing has been planned in terms of budgetary outlay for 2017-18 to bridge resource gap and supplement…

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar on Saturday said the government has put the country on the path of sustainable economic growth which was being internationally recognized and reflected in the improved ratings by all major rating agencies including Moody’s, S&P and Fitch.
“Pakistan has successfully completed its reform programme. During this period difficult key structural reforms in the country have been implemented. Completion of the programme has strengthened confidence of the international…

ISLAMABAD: Finance Minister Ishaq Dar revealed on Tuesday that the foreign exchange reserves have touched twenty four billion dollars mark
The finance minister during an interview said the milestone was due to prudent policies of the government, which is making efforts to improve economy, foreign reserves and exports.
Ishaq Dar said a huge investment is being made in the energy sector under China Pakistan Economic Corridor (CPEC), as well as many other projects including the Multan motorway, Gwadar and Karachi…

SHANGHAI: Chinese authorities have uncovered an "underground bank" which illegally transferred money overseas in a case valued at $64 billion, said to be the country's largest ever, according to a police statement.